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Including large caps in the long-term portfolio not only provides stability during volatile times but also delivers sustainable and consistent growth. However, there are 100 large-cap companies on the NSE which makes it difficult to sort the list.
In case you are looking to narrow down your list to hunt some high-quality blue chips, here’s a list of 3 stocks that clocked the highest net profit in Q1 FY24.
State Bank of India Limited
State Bank Of India (NS:) is the largest public bank in the country with a market capitalization of INR 5,11,246 crore. On the back of improving asset quality in Q1 FY24, with net NPA improving by 29 bps YoY to 0.71%, the bank was able to clock a profit of INR 18,178.41 crore, its highest-ever quarterly profit so far.
Its net interest margins (NIMs) also improved 24 bps YoY to 3.47% which also contributed to higher income. Even HDFC Bank (NS:) which is more than 2x bigger than SBI, reported a net income of INR 12,370.38 crore.
Reliance Industries Limited
Reliance Industries (NS:) is the largest corporation in the country with a market capitalization of INR 16,53,347 crore but still takes the second spot when it comes to the bottom line. On revenue of INR 2,11,448 crore, it managed to score a profit of INR 16,011 crore, the second-highest profit figure in Q1 FY24 among the entire listed universe.
Now as Jio Financial Services has finally been demerged, the profit figure of Reliance Industries might dip in the subsequent quarters.
Indian Oil Corporation Limited
Indian Oil Corporation (NS:) is an oil marketing and refining company with a market capitalization of INR 1,29,774 crore. It is one of the cheapest stocks in the large-cap space with a TTM P/E ratio of only 5.3, partly thanks to a significant jump in Q1 FY24 net income which came in at INR 14,136.96 crore.
It is the only PSU in India that’s included in the top 100 ranking of the Global Fortune 500 list of 2023 and has consistently been on the list since 1995. However, it is also to be noted that the company’s net income depends heavily on international prices and GRMs (gross refining margins), and therefore the net income might vary noticeably QoQ.
Disclosure: I have IOC shares in my portfolio.
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